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Australia: Polarcus Completes Petrel Survey for Neptune

May 21, 2020

Polarcus Asima - Image by Neptune Energy
Polarcus Asima - Image by Neptune Energy

Oil and gas company Neptune Energy on Thursday announced the completion of the acquisition of the 3D broadband seismic survey of the extensive Petrel field located in the Bonaparte basin of Australia.

"The 2,900 km2 survey significantly expanded the area of seismic data Neptune holds and increased the quality and breadth of data. Initial findings from the survey have been received with the remaining processed data due to be delivered later this year," Neptune said.

Internal analysis and interpretation of the acquired data will allow Neptune and its partners to plan for the future, the company added.

“The seismic survey was the first significant investment in this part of the Bonaparte basin in more than five years and it continues to present exciting future growth opportunities for Neptune offshore Australia. Our deeper understanding of the area also positions us well for the upcoming offshore petroleum exploration release later this year.”

Polarcus' Polarcus Asima vessel carried out the survey which began towards the end of 2019.

Neptune, on behalf of the Petrel JV, entered into an exclusive data licensing agreement with Polarcus Asia Pacific Pte Ltd, which acquired the Petrelex 3D seismic survey.

Neptune holds 54% of the project and, alongside its partners Santos (40.25%) and Beach Energy (5.75%), invested in new broadband technology over an expanded area to enhance understanding of the potential resources Petrel holds.

Polarcus successfully secured approval for an Environmental Plan allowing acquisition of new 3D multi-client data to be acquired across the field.



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